I’ve been asked to publish some older information that either predated this site, or just wasn’t published when the info was current.
The first is from July, when Financial Advisory Committee chairman Mike Sandefur used different analogies to explain how the County borrowed from restricted funds to cover shortfalls in revenue.
Earlier today, I spoke with a gentleman from the GASB, the Governmental Accounting Standards Board. He told me that there are many factors that determine whether, as FAC member Joe Dike asked earlier that day, it’s proper or legal to borrow from restricted funds. However, he said, there must be notes in the annual financial report detailing which accounts were debited and credited when the money was borrowed, and again when it was repaid.